Common Misconceptions About Tax Audits
The words “tax audit” often evoke a sense of fear and uncertainty among taxpayers, leading to a myriad of misconceptions and myths about the process. In Canada, the tax audit system is designed to ensure compliance and fairness in the tax system, yet many...
CRA Audit Triggers: What Triggers a CRA Audit?
According to the CRA’s web pages on audits (there’s one for individuals and one for businesses), “The CRA’s risk-assessment systems identify tax returns that are considered to be at high risk for non-compliance.” In other words, the likelihood of tax reporting...
How Long Can the CRA Audit You & How Far Back Can the CRA Audit Your Taxes?
How Far Back can CRA Audit? The CRA is limited in how far back they can look at someone’s returns – in most cases. Normally, a CRA waudit the two or three most recent tax years. If the CRA finds significant discrepancies in their tax audits they have...
